Nevada County picayune., 1887-04-20

legiStdtive CCmfn!ttee-'- U eNI Oi tHe o'H
 Reported to the House and Recommended for Passage.
 The following has been intro- duced to the House as the product of the Joint Committee:
 A bill for an act to be entitled an act to pro-
 vide for paying the public debt of the State of Arkansas. Be it enacted by the General Assembly of the State of Arkan-
 sas:
 Section 1. That the Governor, Secretary of State and Auditor be and they are hereby constituted State Debt Board for the purposes mentioned in this act.
 Sec. ?. Before entering on their duties as members of said State Debt Board they shall take an oath that they will faithfully perform their duties as such.
 Sec. 3. The entire State Debt Board shall be necessary for the transaction of business.
 Sec. 4. The Governor shall, ex. ofhcio, be president of said State Debt Board, which shall elect one of it's members as secretary there of; and he shall keep a record of all their proceedings, which shall at all times be open to public in- spection.
 Sec. 5. Said State Debt Board shall make biennial reports to the General Assembly of all its proceedings under this act.
 Sec. 6. The treasurer shall, m. der and by direction of the State Debt Board, pay out the money now in the sinking fund, by re. deeming under such regulation as the State Debt Board may adopt under the provisions of this act, the bonds and past due coupons of the six per cent funding bonds of eighteen hundred sixty-nine and eighteen hundred and seventy, ex. cept those that have been declared illegal by amendment to the Con- stitutiOn of this State; and such of i the refused bonds of the State as may be found to have been issued ] in lieu of the bonds of the State which were illegally disposed of 1 by the officers, agents or cOmmis' siOners of the Real Estate Bank of Arkansas; or of the State Bank of Arkansas; but said State Debt Board shall reserve sufficient amount of said sinking tund to pay for printing of the certificates of indebtedness hereafter provided i for in this act not exceeding the sum of s3,OOO.
 Sec. z. That to create "sink- ing fund" with which to liquidate' the valid and undisputed bonded indebtedness of the State, there shall be levied and collected, and paid into the treasury, annually, q tax of one mill on the dollar on all taxable property within the State, to be denOminated sinking fund tax.
 | Sec. 8. That said State Debt Board be and it is hereby author ized to dispose of any of the bonds of the State, now in the State Treasury, belonging to the "sink- ing tund," to the Board of Com. missionrrs of the common school fund of this State, for the purpose mentioned in section 6l37 of Mans fields Digest of the Statutes of Arkansas, at par. accrued interest included, provided that the State shall pay to the common fund ln- terest on any bonds so disposed of, from the date Ot such sale. The money received for the sale of any of the bonds as herein provided shall be placed in the State Treas ury to the credit of the sinking fund.
 1 Sec. 9. That said State Debt Board shall superintend the settle ment of the valid and undisputed bonded indebtedness of the State, in the manner hereinafter provid- ed. Whenever there shall be in the treasury, to the credit of the sinking fund. the sum of twenty five thousand (S25,0OO dollars, or more, said board may, in their dis- cretion, advertise for proposals for the sale of any of the valid and un disputed bonds of the State. Notice of the time and place of receiving such proposals shall be given by publication in the city of Little Rock, at St. Louis, Mo, and at
 New York, N. Y., for thirty days